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0001193125-08-224295.txt : 200811040001193125-08-224295.hdr.sgml : 2008110420081104160545ACCESSION NUMBER:0001193125-08-224295CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:25CONFORMED PERIOD OF REPORT:20081104ITEM INFORMATION:Results of Operations and Financial ConditionITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20081104DATE AS OF CHANGE:20081104
FILER:
COMPANY DATA:COMPANY CONFORMED NAME:VITESSE SEMICONDUCTOR CORPCENTRAL INDEX KEY:0000880446STANDARD INDUSTRIAL CLASSIFICATION:SEMICONDUCTORS & RELATED DEVICES [3674]IRS NUMBER:770138960STATE OF INCORPORATION:DEFISCAL YEAR END:0908
FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-31614FILM NUMBER:081160987
BUSINESS ADDRESS:STREET 1:741 CALLE PLANOCITY:CAMARILLOSTATE:CAZIP:93012BUSINESS PHONE:8053883700
MAIL ADDRESS:STREET 1:741 CALLE PLANOCITY:CAMARILLOSTATE:CAZIP:93012
8-K1d8k.htmFORM 8-K
Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section13 or 15(d) of the
Securities Exchange Act of 1934
Dateof Report (Date of earliest event reported): November4, 2008
VITESSE SEMICONDUCTOR CORPORATION
(Exact name of issuer as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-3161477-0138960
(Commission File Number)(IRS Employer Identification No.)
741 Calle Plano
Camarillo, California 93012
(Address of Principal Executive Offices)
Registrants telephone number, including area code (805)388-3700
N/A
(Former Name or Former Address, if Changed Since Last Report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the followingprovisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
ITEM2.02RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS.
ITEM7.01REGULATION FD DISCLOSURE
On November4, 2008, VitesseSemiconductor Corporation (the Company) will present certain business and financial information at the AeA Classic Financial Conference. A copy of the presentation is furnished as Exhibit 99.1 to this Form 8-K and is incorporated hereinby reference.
The information in this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed filed for purposes ofSection18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section. The information in this Current Report shall not be incorporated by reference into any filing or other document pursuant to theSecurities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.
ITEM9.01FINANCIAL STATEMENTS AND EXHIBITS.
(d)Exhibits.
99.1Vitesse Semiconductor Corporation Corporate Update Presentation, November4, 2008.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: November4, 2008
VITESSE SEMICONDUCTOR CORPORATION
By:/s/ MICHAEL B. GREEN
Michael B. Green
Vice President, General Counsel and Secretary
EXHIBIT INDEX
ExhibitNo.
Description
99.1Vitesse Semiconductor Corporation Corporate Update Presentation, November 4, 2008.
EX-99.12dex991.htmEXHIBIT 99.1
Exhibit 99.1
Corporate Update
AeA
Classic Financial Conference
November 2008
Exhibit 99.1
2
Safe Harbor Statement
Certain matters discussed herein constitute
forward-looking
statements that are based on managements current
expectations,
and involve risks and uncertainties that could cause actual
results
to differ materially from those projected. The risks include,
among
others, risks related to the previously disclosed restatement
of
Vitesses financial statements, and Vitesses failure to file
its
required reports under the Securities Exchange Act of
1934.
Furthermore, information provided which is not historical in
nature
is considered to be forward-looking pursuant to the Safe
Harbor
provisions of the Private Securities Litigation Reform Act of
1995.
Vitesse undertakes no duty to update any forward-looking
statements or to confirm forward-looking statements to
actual
results or changes in the Companys expectations.
3
The Company
Founded 1984. Initial Offering: December 1991
Symbol: VTSS (Currently trading on Pink Sheets)
World-Class Products and Technology
Fabless
Semiconductor Company with a 20+ Year History
SONET and Ethernet Networking
High-Speed Mixed-Signal Physical Layer Technologies
Worldwide Presence
Headquarters: Camarillo, California
Five Domestic and Four International Design Centers
Diversified Sales: 45% domestic, 43% Asia, 12% Europe
500 Employees
308 in Engineering
4
Financial Position
Cash Flow Positive FromOperations
Improved Cash Balance
Restructured Debt
FY06 / FY07 Earnings Complete
Timely Filer in 2008
Company Status
Corporate Structure
Filled Key Management Positions
Re-constituted Board of Directors
Divested Storage Products Division
Restructured Businesses
Market Approach
Two Large IC Market Segments:
Carrier Networking & Enterprise Networking
Differentiated Technology Advantages
Expanding Tier 1 Customer Relationships
Investing for Growth
Integrated R&D Organization
Focused on High-Growth Markets
Investing in New Product Development
Gaining Share in Critical Markets
Fabless
Model
5
Management Team
Rockwell International Science Center, St. Jude Medical
1996
Roy Carew
VP, Quality
Sterling Software (CA), Capital Relations,
Genoa
Technologies, MS&L, ValueClick
2006
Ronda Grech
VP, Communications & HR
Avnet, National Semiconductor,
TriQuint
Semiconductor, Teradyne
2001
Tony Conoscenti
VP, Product Marketing
GAIN Electronics, Prudential Securities, AT&T
Intel, American Microsystem, Intersil, Siliconix,
Alliance Semiconductor, Sun Microsystems
1988
2001
Mike Logan
Phil Richards
VP, Sales
Eastern U.S. & Europe
Western U.S. & Asia
2006
2007
2007
2006
1986
Tenure
3Com, Audio Processing Technology,
Tritel
Telecommunications, CSD Hathaway
Paul Browne
VP, Engineering
Ciena, Internet Photonics, Lucent (Bell Labs)
Martin Nuss
VP, Strategy and Techn.
Capella
Photonics, Avanex
Corporation, Actelis
Networks
Rich Yonker
Chief Financial Officer
Worldwide Restaurant Concepts, Atlantic Richfield,
Montgomery Ward
Michael Green
VP, General Counsel and
Corporate Secretary
Bell Labs
Chris Gardner
Chief Executive Officer
Experience
Officer
Position
6
The World Is Networking
100X increase in traffic drives: Increased bandwidth,
scalability, and reliability
7
Ethernet MACs, Ethernet Switches & PHYs
Markets, Trends, and Product Lines
METRO & ACCESS
NETWORKS
DATA CENTER &
LARGE ENTERPRISES
LOCAL AREA SMALL
MEDIUM ENTERPRISES
Optical PHYs and Signal Integrity Devices
Processing ICs: Framers, Mappers, & TSI Switches
Transition to Carrier Ethernet
Access & SAN Convergence to Ethernet
Higher Integration
Capacity and Speed Upgrades
CORE & OPTICAL
NETWORKS
8
$2.5 Billion Market; R&D Investments for Growth
METRO & ACCESS
NETWORKS
DATA CENTER &
LARGE ENTERPRISES
CORE & OPTICAL
NETWORKS
Served
Market
$2.5B
-
CAGR~20%
2009 IC TAM
Vitesse R&D Investment Level
Ethernet
MACs, Switches, PHYs
Optical PHYs
Signal Integrity
IP
Processing ICs
Processing ICs:
Framers, Mappers,
TSI Switches
Ethernet MACs,
Ethernet Switches
PHYs
Optical PHYs
Signal Integrity
$749 M
$1014 M
$724 M
Sources: Infonetics, IDC, RHK, Vitesse
LOCAL AREA SMALL
MEDIUM ENTERPRISES
9
Complete Product Solutions Drive Platform Wins
10
Shifts to Ethernet Fuel Growth
0
100
200
300
400
2007
2008
2009
2010
0
50
100
150
200
2007
2008
2009
2010
Sources: IDC, RHK
Vitesse
0
100
200
300
400
2007
2008
2009
2010
57% CAGR
10 Gigabit Ethernet IC Market
Signal Integrity IC Market
Stable Base
Accelerating Growth
0
100
200
300
400
500
2007
2008
2009
2010
SONET PHY/PMD IC Market
SONET Framer/Mapper
IC Market
8% CAGR
4% CAGR
24% CAGR
11
Value Proposition
$2.5 Billion Market
Poised for Transition: Convergence to Ethernet
Solid 2007 Performance
Re-structured Balance Sheet
SEC Compliant in 2008
Strong
Position
as
20-Year
Single-Sourced
Supplier
at
Tier
1
OEMs
Proven Technology Leader and Innovator
Improving Operational Metrics
Investing in Growth with
Integrated R&D Organization
Financials
13
SEC Compliance
Vitesse is not current with its filings with the Securities
and Exchange
Commission (SEC).
A Form 10-K that includes audited financial statements for the
fiscal years ended
September 30, 2006 and 2007 was filed with the SEC on
September 30, 2008.
The Forms 10-Q for Vitesses first three quarters of fiscal
year 2008 areexpected to
be filed by the end of November 2008.
Vitesse expects to file a Form 10-K for the fiscal year ended
September 30, 2008, in
December 2008, and after such filing, would be current with
respect to itsExchange
Act reporting requirements.
Vitesse
will
suspend
State-of-the-Company
investor
conference
calls
and
will
no
longer
disclose
unaudited
Operating
Metrics.
A
conference
call
to
discuss
Q4
fiscal
year
2008
results
will
be
held
in
conjunction
with
the
filing
of
the
audited
financials
in
the Form 10-K for fiscal year 2008.
14
FY2006 and FY2007 Revenue (GAAP)
0.0
10.0
20.0
30.0
40.0
50.0
60.0
$M
Revenue
15
Revenue Growth From Core Markets
Revenue Growth
Networking + Ethernet + 17%
Storage (12%)
Total + 9.2%
0
50
100
150
200
250
2006
2007
Networking
Ethernet
Storage
16
FY2006 and FY2007 Expenses (GAAP)
0
10
20
30
40
50
60
70
$M
Cost of Revenue
R&D
SG&A
Acctng Reconstr
Amort Int Assets
17
FY2006 and FY2007 Expense as % of Revenue (GAAP)
56%
51%
33%
21%
24%
19%
6%
4%
3%
8%
0%
20%
40%
60%
80%
100%
120%
FY2006
FY2007
Cost of Revenue
R&D
SG&A
Acctng Recon
Amort Intag Assets
18
FY2006 and FY2007 Operating Income (GAAP)
-18.0
-14.0
-10.0
-6.0
-2.0
2.0
$M
Operating Income
19
Cash (GAAP)
0
5
10
15
20
25
30
$M
Cash
20
FY2008 Investor Calls
Q1, Q2, and Q3
* Vitesse has not filed Forms 10-Q for the first three
quarters of fiscal 2008 butexpects to file such Forms by the end of
November 2008
and the **Form 10-K byDecember with Q4 audited financials.
Accordingly, the Income Statement and Balance Sheet metrics noted
above
involve risks and uncertainties and may be subject to
change.
Unaudited Operating Metrics*
**
25.5
16.4
17.7
Acct Receivables $M
**
18.9
15.4
20.2
Acct Payables $M
42.0
33.0
2.7
25.3
55.6
Q3
43.8
36.0
3.0
23.0
55.5
Q2
Income Statement
44.0
41.5
3.0
23.9
54.9
Q1
**
Operating Expenses $M
**
Professional Fees $M
Balance Sheet
**
Consumption $M
36.7
Cash $M
Net Inventory $M
Metric
**
Q4
**
25.5
16.4
17.7
Acct Receivables $M
**
18.9
15.4
20.2
Acct Payables $M
42.0
33.0
2.7
25.3
55.6
Q3
43.8
36.0
3.0
23.0
55.5
Q2
Income Statement
44.0
41.5
3.0
23.9
54.9
Q1
**
Operating Expenses $M
**
Professional Fees $M
Balance Sheet
**
36.7
Net Inventory $M
Metric
**
Q4
21
Long-Term Financial Targets*
Income statement targets as % of revenues
Gross margins
55% to 60%
R&D
25% to 28%
SG&A
11% to 14% (excluding depreciation)
Operating Income
11% to 16%
EBITDA
17% to 22%
Balance sheet targets
Four Inventory turns per year
Accounts payable and accounts receivable at normal industry
levels
* Our long-term financial targets contain forward-looking
statements including withoutlimitation those about the Vitesses
estimated
gross margins, operatingincome and EBITDA. These statements
involve risks and uncertainties, as well as current expectations
of
future events based on certain assumptions. Accordingly such
targets are not guarantees offuture performance as our actual
results may
differ significantly from ourlong-term financial
targets.
22
Vitesses Compelling Message
MEGA-market of $2.5B growing at 15%
Sustainable business model
Cash
Solid Balance Sheet
Cash flow positive from operations
Competitive advantage with products and engineering
Thank You
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